Terrorism insurance increases more than 300% in one year

The total value of public sector awards and frameworks for insurance services that included terrorism cover increased by over 300% in one year, according to new research.

Tussell, a market analysis company which specialises in public procurement, found that the value of insurance services including terrorism grew from £13m to £56m between 2016 and 2017 — a 331% year-on-year increase.

Out of the top five contracts, three were for councils: Royal Borough of Kensington & Chelsea (£9m), Cheshire West and Chester Council (£7m), and Cheshire East Council (£5m).

The other two contracts were for Insurance London Consortium (ILC) (£21m) and a London Universities Purchasing Consortium (£5m).

The London Borough of Southwark also issued a £34,000 award for ‘Terrorism cover for 160 Tooley Street’. This covers a local authority building near to the site of the London Bridge attack in June.

Only one of the top contracts was issued after the Westminster terrorist attack on 22 March.